Saturday 19 April 2014

HSBC 'helped clients evade tax'

HSBCpromised to co-operate with authorities in Argentina

British banking giant HSBC has been accused of facilitating money laundering and tax evasion in Argentina.

The South American government's tax chief, Ricardo Echegaray, says HSBC's Argentina subsidiary created an illegal scheme that helped its clients evade more than 100 million US dollars (£66 million) in taxes.

He says the scheme included a criminal organisation and fake receipts used to launder money for various companies.

HSBC's Latin America spokeswoman Lyssette Bravo issued a statement promising to co-operate with authorities.

It said: "HSBC takes compliance with the law, wherever it operates, very seriously and strongly supports the efforts of governments and regulators to detect unlawful activity and take appropriate action."

Press Association

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